Posted on 05/20/2021 4:08:54 PM PDT by DFG
President Joe Biden's new tax enforcement plan would add nearly 87,000 employees to the Internal Revenue Service, make banks report more information to the agency and require stricter cryptocurrency compliance, according to a new Treasury Department report released on Thursday.
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The second major component of Biden's plan would require financial institutions to report annual account inflows and outflows to the IRS. Treasury officials said the goal would be to highlight "red flags" and would not be burdensome to compliant taxpayers.
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Roughly 99% of taxes due on wages are paid to the IRS, but compliance on "less visible sources of income" is estimated to be 45%, according to the report. Officials told reporters they believe the enhanced reporting requirements will spur more voluntary compliance, because taxpayers know the IRS has insight into their accounts.
(Excerpt) Read more at finance.yahoo.com ...
Too many people making money that they can’t get their grubby hands on. That can’t be allowed.
nobody can waste money like democrats and rinos
ABOLISH THE IRS !
Abolish the IRS, repeal the 16th Amendment.
gope? are you there? gope?
they’re doing this to attack us our small businesses, our charitable giving, our finances and freedom...are you there?
Audit Hunter first! 🤬
I do not have an objection against any effort against tax evasion, especially cryptocurrencies, just so long as they follow the law and apply it equally.
There was a question on the 1040 form this year about cryptocurrency.
I’m not into bitcoin so have no vested interest in what happens. But I fail so see how it is any business of the IRS if people buy or spend Bitcoin.
Billions in stimulus fraud and This is what they focus on
Any crypto transfers on Hunter’s laptop? Inquiring minds want to know.
Especially since any gain in value is not a capital gain; it's that the U.S. dropped in comparison. You already paid your taxes on your U.S. dollars.
If they want to tax gains on cryptocurrency, it's time to write off devaluation of U.S. dollars.
When is the gov’t large enough?
Is the IRS going to be hiring illegals?
If any of you guys own an insurance company in Bermuda, that insures only your business in the US, you’d better watch out! The IRS is onto this.
“He has erected a multitude of New Offices, and sent hither swarms of Officers to harass our people, and eat out their substance.”
87000 additional snoops and spies at an average cost of 75,000 a year each - payroll and bennies - is over 6.5 billion already. What the hell, print more!
But we’re not supposed to have a government that reads your monthly bank statements unless you’re charged with some crime that would make subpeoning your bank statements legal and lawful.
This hiring wave is meant to read your bank statements anyway.
This is unacceptable and a reason for the 2nd.
Bartertown, here we come...
More political enforcers?
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